QUESTION Below are transactions for Red Fin Corporation during their first month of operations. a. Owner invested $300,000 cash and gave a building with a value of $650,000 to the business and received common shares in return. b. Purchased office supplies on account, $260. c. Performed services for a customer on account, $3,500. d. Purchased a piece of equipment by paying $200,000 down and signing a note for the remainder of $600,000. e. Performed services for a customer and immediately collected $4,500 cash. f. Employees worked and were not paid for salaries worth $3,600. Prepare journal entries for Red Fin Corporation. Note this is the company's first month of operations.

QUESTION Below are transactions for Red Fin Corporation during their first month of operations. a. Owner invested $300,000 cash and gave a building with a value of $650,000 to the business and received common shares in return. b. Purchased office supplies on account, $260. c. Performed services for a customer on account, $3,500. d. Purchased a piece of equipment by paying $200,000 down and signing a note for the remainder of $600,000. e. Performed services for a customer and immediately collected $4,500 cash. f. Employees worked and were not paid for salaries worth $3,600. Prepare journal entries for Red Fin Corporation. Note this is the company's first month of operations.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 19EB: A business has the following transactions: A. The business is started by receiving cash from an...

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